Retail giants bullish on consumption rebound

Q5 As China continues to pursue high-quality development along a Chinese path to modernization, what opportunities do you anticipate for your business as this process gains more traction? Will you increase investment in China in the coming years? How will you further expand your footprint in China?

LIU: DFS is committed to China's focus on high-quality development. We are increasing investment in China, particularly in the Hainan FTP, where the DFS Yalong Bay project will open as a seven-star retail-entertainment hub. By partnering with over 700 global brands across fashion, beauty and hospitality, we aim to be a key player in China's luxury sector, contributing to the country's modernization and positioning DFS as a bridge between global luxury and China's evolving consumption landscape.

ZHANG: China's high-quality development and modernization path present exciting opportunities for Bimbo to align with health-conscious consumption, intelligent manufacturing and rural vitalization initiatives. We're enhancing R&D efforts for nutritional products like zero-sugar and high-fiber whole wheat options to meet evolving consumer needs. Chinese modernization also gives us the opportunity to expand our business in the China market quickly. On top of club stores and discount stores, O2O business is also growing faster. We will enhance cooperation with winning channels. On top of this, geographically, Bimbo is aiming to expand beyond eastern and northern China to wider regions through partnerships with suitable distributors. The recent strategic partnership with Jingxitong (a platform under JD.com) helps Bimbo expand its national grocery coverage smoothly. China's compelling market potential and our established operational success reinforce our confidence in this market over the long run.

ZHU: We are highly confident in the tremendous growth opportunities within the Chinese market. China's 14th Five-Year Plan has achieved remarkable progress in promoting high-quality development, which has created unprecedented opportunities for the pet food industry. As China continues to advance along the path of Chinese modernization, the growing demand for high-quality and healthy pet foods presents vast potential for Ziwi. The company will further increase investment in China, optimize our distribution channels and deepen our commitment to the Chinese market. We plan to strengthen our online presence while expanding our offline investments to enhance brand influence and market share. By integrating online and offline strategies, we aim to provide Chinese consumers with a more convenient purchasing experience and solidify Ziwi's leading position in the ultra-premium pet food sector.

YOOVIDHYA: China's commitment to high-quality development and modernization presents significant opportunities, and TCP Group is fully aligned with this vision. Over the past five years, we have invested 4.36 billion yuan. But our vision extends beyond production. We are accelerating digital transformation, enhancing R&D and forging deeper partnerships to align with China's priorities in innovation, sustainability and industrial upgrading. China is not just a key market for TCP Group — it is a strategic hub for innovation and long-term growth. As the country continues to drive consumption expansion and technological advancement, we will deepen our investment, scale our smart manufacturing capabilities and introduce more innovative products tailored to Chinese consumers. Our "In China, For China" strategy remains unchanged, and we are committed to playing an even greater role in China's economic future.